Kenneth Gundlach, aged 30, who ran the firm, is said to have told investors their money was being spent on vintage wine that would increase in value, but used the funds to pay staff and previous investors.

Bordeaux Fine Wines went into provisional liquidation on December 19 after the Insovlency Service said it should be wound up in the public interest.

Mr Gundlach told investigators his mark-up on the wine was 60pc but a report in The Sunday Times said accounts filed by Bordeaux Fine Wines suggested the figure was 336pc.

David Ingram, of Grant Thornton, liquidating the company, told the victims: "Your names are likely to be on a 'mugs' list … you are likely to be targeted again."

David Greene, a partner at law firm Edwin Coe, which is representing the creditors, earlier this month told the Telegraph: “It is clear that the company has very little wine to meet the demands of customers with a shortfall possible of £12m. We wish to ensure a speedy resolution to the questions that have been raised. Clearly many investors have lost substantial sums in what may turn out to be a straight fraud."